Century Management

Q3 2025 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $399M · prev $352M
Positions: 106 · prev 110
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves100 since the prior filing

+3.6 pp in · −3.8 pp out

New 7 +2.75 pp
Added 31 +0.89 pp
Trimmed 51 −2.33 pp
Exited 11 −1.45 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.8 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions106 in this filing · 11 exited


PHYSSprott Physical Gold Trust	6.42%	865,106	$26M	trimmed−0%	+0.18 pp	20 q
SEASeabridge Gold, Inc.	4.50%	742,983	$18M	trimmed−1%	+1.39 pp	48 q
XOMExxon Mobil Corp	4.16%	147,298	$17M	trimmed−6%	−0.64 pp	7 q
GOOGAlphabet Inc. Class C	3.83%	62,829	$15M	trimmed−6%	+0.46 pp	23 q
COHRCoherent Corp.	3.74%	138,524	$15M	trimmed−10%	−0.15 pp	11 q
LUMNLumen Technologies, Inc.	3.70%	2,413,603	$15M	trimmed−0%	+0.69 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	3.51%	27,844	$14M	trimmed−0%	−0.35 pp	50 q
BNBrookfield Corporation	3.48%	202,557	$14M	trimmed−2%	−0.17 pp	12 q
EQTEqt Corp	3.18%	233,513	$13M	added+1%	−0.64 pp	20 q
FANGDiamondback Energy, Inc.	2.98%	83,045	$12M	added+1%	−0.23 pp	21 q
DELLDell Technologies Inc.	2.79%	78,508	$11M	added0%	+0.06 pp	4 q
IBMInternational Business Machines Corporation	2.62%	37,101	$10M	trimmed−9%	−0.79 pp	19 q
VNTVontier Corporation	2.51%	238,711	$10M	trimmed−2%	−0.06 pp	20 q
QCOMQualcomm Inc	2.43%	58,354	$10M	added0%	−0.21 pp	18 q
ELVElevance Health, Inc.	2.30%	28,474	$9M	added+54%	+0.26 pp	9 q
INTCIntel Corp	2.28%	271,789	$9M	added+3%	+0.60 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.24%	25,840	$9M	added+37%	+0.57 pp	10 q
MSFTMicrosoft Corp	2.22%	17,131	$9M	trimmed−1%	−0.21 pp	21 q
KWKennedy-wilson Holdings, Inc.	2.03%	974,334	$8M	added+22%	+0.48 pp	23 q
CRKComstock Resources, Inc.	2.00%	402,468	$8M	added+2%	−1.11 pp	20 q
DISThe Walt Disney Company	1.94%	67,640	$8M	trimmed−1%	−0.48 pp	15 q
CIThe Cigna Group	1.93%	26,682	$8M	added+73%	+0.48 pp	8 q
SWSmurfit Westrock plc	1.86%	174,228	$7M	trimmed−1%	−0.29 pp	5 q
DHRDanaher Corporation	1.79%	36,086	$7M	added+60%	+0.52 pp	33 q
ACGLArch Capital Group Ltd	1.78%	78,487	$7M	added+19%	+0.07 pp	7 q
TMOThermo Fisher Scientific, Inc.	1.74%	14,295	$7M	added+1%	+0.10 pp	8 q
PRPermian Resources Corporation	1.65%	514,705	$7M	added+12%	−0.14 pp	9 q
SLBSLB Limited	1.61%	187,449	$6M	trimmed−0%	−0.20 pp	38 q
SWKStanley Black & Decker, Inc.	1.50%	80,769	$6M	added+6%	+0.03 pp	14 q
CMECME Group Inc.	1.29%	19,045	$5M	trimmed−1%	−0.21 pp	7 q
CMCOColumbus McKinnon Corp/NY	1.17%	324,803	$5M	added+34%	+0.12 pp	8 q
ILMNIllumina Inc	1.17%	48,988	$5M	trimmed−0%	−0.16 pp	15 q
METAMeta Platforms, Inc. Class A	1.15%	6,276	$5M	trimmed−7%	−0.26 pp	23 q
COPConocoPhillips	1.05%	44,168	$4M	added+1%	−0.06 pp	33 q
WDAYWorkday, Inc. Class A	1.05%	17,360	$4M	added+1%	−0.12 pp	21 q
VRSNVeriSign Inc	1.03%	14,728	$4M	trimmed−3%	−0.21 pp	21 q
GNRCGenerac Holdings Inc	0.95%	22,610	$4M	trimmed−0%	+0.03 pp	6 q
STSensata Technologies Holding plc	0.95%	124,548	$4M	added0%	−0.11 pp	14 q
BACBank of America Corporation	0.87%	67,417	$3M	trimmed−0%	−0.04 pp	12 q
TKRThe Timken Company	0.78%	41,675	$3M	new	+0.78 pp	new
FDXFedEx Corporation	0.73%	12,321	$3M	new	+0.73 pp	new
MCOMoody's Corporation	0.72%	6,059	$3M	trimmed−1%	−0.15 pp	19 q
MKTXMarketAxess Holdings Inc.	0.61%	14,017	$2M	new	+0.61 pp	new
VTOLBristow Group Inc.	0.53%	58,340	$2M	added+90%	+0.24 pp	6 q
UPSUnited Parcel Service, Inc. Class B	0.50%	23,740	$2M	new	+0.50 pp	new
EGEverest Group, Ltd.	0.47%	5,318	$2M	trimmed−8%	−0.09 pp	7 q
BAMBrookfield Asset Management Ltd.	0.40%	28,079	$2M	trimmed−4%	−0.06 pp	12 q
CTRACoterra Energy Inc.	0.30%	50,399	$1M	trimmed−0%	−0.06 pp	20 q
CRGYCrescent Energy Company	0.30%	133,080	$1M	added+3%	−0.02 pp	5 q
DVNDevon Energy Corporation	0.27%	31,052	$1M	trimmed−2%	−0.02 pp	18 q
GDXJVanEck Junior Gold Miners ETF	0.26%	10,353	$1M	held	—	12 q
RSPInvesco S&P 500 Equal Weight ETF	0.23%	4,810	$912,421	trimmed−1%	−0.02 pp	18 q
MAMastercard Incorporated	0.23%	1,629	$926,591	trimmed−3%	−0.04 pp	16 q
NOGNorthern Oil and Gas, Inc.	0.23%	36,906	$915,278	trimmed−2%	−0.07 pp	16 q
EROEro Copper Corp.	0.22%	43,508	$880,167	held	—	14 q
VIGVanguard Dividend Appreciation ETF	0.22%	4,083	$881,071	trimmed−7%	−0.04 pp	20 q
VTIVanguard Morningstar Total Stock Market ETF	0.22%	2,635	$864,736	added+2%	0.00 pp	20 q
AEMAgnico Eagle Mines Ltd.	0.20%	4,847	$817,010	held	—	48 q
OVVOvintiv Inc.	0.20%	19,857	$801,826	trimmed−0%	−0.02 pp	17 q
AZZAZZ Inc.	0.18%	6,609	$721,250	trimmed−30%	−0.07 pp	9 q
MOATVanEck Morningstar Wide Moat ETF	0.17%	6,836	$677,523	trimmed−2%	−0.02 pp	20 q
VEAVanguard FTSE Developed Markets ETF	0.17%	11,559	$692,614	trimmed−6%	−0.03 pp	19 q
XLEState Street Energy Select Sector SPDR ETF	0.16%	7,135	$637,424	trimmed−2%	−0.02 pp	20 q
SEISolaris Energy Infrastructure, Inc.	0.16%	15,811	$631,969	trimmed−41%	−0.05 pp	16 q
LPINVital Energy Inc	0.15%	34,588	$584,191	trimmed−8%	−0.02 pp	15 q
FNDFSchwab Fundamental International Equity ETF	0.15%	14,030	$602,729	trimmed−1%	−0.01 pp	8 q
PSLVSprott Physical Silver Trust	0.15%	37,819	$593,758	held	—	8 q
VOOVanguard S&P 500 ETF	0.15%	967	$592,171	added+3%	0.00 pp	12 q
CVXChevron Corporation	0.14%	3,610	$560,597	added0%	−0.01 pp	23 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.13%	3,782	$499,929	added0%	−0.01 pp	20 q
BTEBaytex Energy Corp.	0.11%	179,884	$420,929	added0%	+0.02 pp	10 q
VYMVanguard High Dividend Yield ETF	0.11%	3,032	$427,360	trimmed−8%	−0.02 pp	20 q
SUSuncor Energy, Inc.	0.10%	9,223	$385,614	trimmed−0%	0.00 pp	17 q
VYMIVanguard International High Dividend Yield ETF	0.09%	4,134	$350,067	held	—	20 q
TAT&T Inc.	0.08%	11,945	$337,327	held	—	29 q
AMZNAmazon.Com Inc	0.08%	1,453	$319,035	added+1%	−0.01 pp	2 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.08%	7,120	$329,798	trimmed−2%	−0.01 pp	16 q
ARAntero Resources Corporation	0.07%	7,895	$264,956	held	—	11 q
URAGlobal X Uranium ETF	0.07%	6,213	$296,191	trimmed−3%	0.00 pp	2 q
TALOTalos Energy, Inc.	0.07%	28,475	$273,075	added+7%	+0.01 pp	15 q
RRCRange Resources Corp	0.06%	6,479	$243,870	trimmed−0%	−0.02 pp	14 q
CEFSprott Physical Gold and Silver Trust	0.06%	6,126	$224,763	new	+0.06 pp	new
HLHecla Mining Company	0.05%	17,000	$205,700	held	—	14 q
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	0.05%	444	$205,901	new	+0.05 pp	new
GDXVanEck Gold Miners ETF	0.03%	1,590	$121,476	held	—	12 q
BOOMDMC Global Inc.	0.02%	10,209	$86,266	new	+0.02 pp	new
FNDESchwab Fundamental Emerging Markets Equity ETF	0.02%	2,320	$83,891	trimmed−2%	0.00 pp	8 q
VBRVanguard Morningstar Small-Cap Value ETF	0.02%	369	$77,014	trimmed−0%	0.00 pp	12 q
RIGTransocean LTD.	0.02%	27,943	$87,182	added+2%	0.00 pp	33 q
EUenCore Energy Corp.	0.01%	10,000	$32,100	held	—	5 q
REIRing Energy Inc.	0.01%	50,884	$55,464	added+40%	0.00 pp	11 q
SCHDSchwab US Dividend Equity ETF	0.01%	1,899	$51,843	trimmed−0%	0.00 pp	8 q
NLRVanEck Uranium and Nuclear ETF	0.01%	216	$29,300	held	—	3 q
VNQVanguard Real Estate ETF	0.01%	220	$20,112	trimmed−1%	0.00 pp	12 q
VVVanguard Morningstar Large-Cap ETF	0.01%	156	$48,026	trimmed−31%	−0.01 pp	12 q
VTVVanguard Morningstar Value ETF	0.01%	113	$21,073	trimmed−9%	0.00 pp	12 q
GOOGLAlphabet Inc. Class A	0.00%	23	$5,591	held	—	12 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	325	$6,141	held	—	2 q
SILGlobal X Silver Miners ETF (NEW)	0.00%	175	$12,535	added×3.5	0.00 pp	2 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$8,283	held	—	12 q
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	62	$4,486	trimmed−13%	0.00 pp	12 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	218	$11,768	held	—	12 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	2	$564	held	—	2 q
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$6,300	held	—	12 q
VUGVanguard Morningstar Growth ETF	0.00%	39	$18,705	trimmed−9%	−0.01 pp	12 q
VBVanguard Morningstar Small-Cap ETF	0.00%	5	$1,271	trimmed−29%	0.00 pp	12 q
ATKRAtkore Inc.	—	−42,196	—	exited	−0.85 pp	—
TRSTrimas Corporation	—	−19,566	—	exited	−0.16 pp	—
TXNTexas Instruments Incorporated	—	−2,483	—	exited	−0.15 pp	—
ETEnergy Transfer LP	—	−14,797	—	exited	−0.08 pp	—
EPDEnterprise Products Partners L.P.	—	−8,800	—	exited	−0.08 pp	—
KMIKinder Morgan, Inc.	—	−7,500	—	exited	−0.06 pp	—
MPLXMplx LP	—	−3,990	—	exited	−0.06 pp	—
BIZDVanEck BDC Income ETF	—	−3,000	—	exited	−0.01 pp	—
SCHXSchwab U.S. Large- Cap ETF	—	−22	—	exited	0.00 pp	—
VOEVanguard Morningstar Mid-Cap Value ETF	—	−1	—	exited	0.00 pp	—
VOVanguard Morningstar Mid-Cap ETF	—	−2	—	exited	0.00 pp	—